NEW
YORK, June 6, 2024 /PRNewswire/ -- As generative
artificial intelligence (AI) technology pivots from research to the
monetization and product launch stages, the software part of the
generative AI market is now forecast to see significant expansion,
reaching $52.2 billion by 2028 with a
compound annual growth rate of 58% from 2023, according to S&P
Global Market Intelligence.
Published by 451 Research, part of S&P Global Market
Intelligence, the Generative AI Market Monitor report highlights an
accelerated adoption rate of generative AI technologies across
various sectors. This surge is attributed to advancements in AI
models capable of generating new content, including text, images
and code, leading to enhanced operational efficiencies and
innovative applications in business processes.
"Our thorough and granular market forecast for generative AI
software demonstrates the huge potential of this general-purpose
technology to transform processes and eventually industries.
Organizations around the world are committing resources to take
advantage of this shift from traditional AI to generative AI," said
Nick Patience, managing analyst of
Data, AI, Infosecurity & Risk at S&P Global Market
Intelligence.
Key highlights from the report include:
- This latest edition reflects a significant upward adjustment in
market revenue predictions, with 2023 estimates increasing from
$3.7 billion to $5.1 billion and the 2028 forecast climbing from
$36 billion to $52.2 billion between our June 2023 and March
2024 publications.
- This accelerated curve can be attributed to three main drivers:
expedited enterprise roadmaps for generative AI, an influx of
new providers in the market, and intensified focus on monetization
as demands for tangible financial results rise.
- North America currently
dominates the generative AI market, with 64% of revenue in 2023
going to AI providers headquartered in the region. However, higher
growth rates in Asia-Pacific, and
Europe, Middle East and Africa are expected to gradually erode
North America's dominance.
- The boundaries between different segments are becoming less
distinct as multi-modal models—those trained to process and
generate different types of data, like text and images—grow more
sophisticated and software providers create offerings that span
across them.
- Code generators are forecast to see the most pronounced growth
rate of any sector, growing their share of the market from 6% in
2023 to 10% in 2028. This growth reflects both the early demand
that popular products (like GitHub Copilot) have seen, and the
improving performance of leading models.
- According to S&P Global Market Intelligence's Voice of the
Enterprise: AI & Machine Learning, Use Cases 2024 survey, where
survey respondents felt they saw generative AI delivering value the
most at their organizations was process automation (45%), customer
interaction (41%), and employee training (39%).
For more information about the Generative AI Market Monitor
& Forecast or to arrange an interview with our analysts, please
contact press.mi@spglobal.com.
S&P Global Market Intelligence's opinions, statements,
estimates, projections, quotes and credit-related and other
analyses are statements of opinion as of the date they are
expressed and not statements of fact or recommendations to
purchase, hold, or sell any securities or to make any investment
decisions, and do not address the suitability of any security, and
there is no obligation on S&P Global Market Intelligence to
update the foregoing or any other element of the
Property.
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Media Contact
Amanda Oey
S&P Global Market Intelligence
+1 212-438-1904
amanda.oey@spglobal.com
or press.mi@spglobal.com
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SOURCE S&P Global Market Intelligence